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Bookmark or Share- Retirement Eligibility - Kentucky Public Pensions AuthorityA nonhazardous member with at least 25 but less than 27 years of service credit may retire at any time, prior to age 65, with a reduction in benefits. A nonhazardous member, age 55, with at least five years of service credit may retire with a reduction in benefits.
- Benefit Calculation - Kentucky Public Pensions AuthorityCurrent Service - Current service is earned as a contributing member after the establishment of the retirement system. For each month an employer reports wages and contributions for regular full-time employment, a member earns one month of service credit. Prior Service - Service earned before July 1, 1956 in KERS and July 1, 1958 in CERS and SPRS.
- Benefit Calculation - Kentucky Public Pensions AuthoritySick Leave Credit - Tier 2 members may receive a maximum of 12 months of service credit for unused sick time. Sick leave service credit counts toward health insurance benefits but cannot be used to determine retirement eligibility.
- Cost of Living Adjustments (COLAs) - KentuckyThe last retiree Cost of Living Adjustment (COLA), or an ongoing retirement payment increase of 1.5% to account for cost-of-living changes, took effect in July 2011.
- Purchasing Credit and Service Types - KentuckyA member may purchase service for time served in a seasonal, temporary, interim, emergency, or part-time position (at least 100 hours per month) that occurred with a participating employer.
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